China's spending slump weighs as e-commerce giant Alibaba misses estimates

China's spending slump weighs as e-commerce giant Alibaba misses estimates

FILE PHOTO: Shopping trolley is seen in front of Alibaba logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Alibaba Group Holding missed market expectations for first-quarter revenue on Thursday, as the company’s domestic e-commerce sales came under pressure from cautious spending by Chinese consumers in a faltering economy.